What’s Happening in Our Market?

Five emerging trends we’re tracking in the Greater Boston Area marketplace.

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Today I want to tell you about what's happening in the Greater Boston Area real estate market. Here are the five key trends that we’re starting to see: 1. Mortgage rates are expected to climb. Low mortgage rates have contributed to the recent competitive market and the lowered cost of borrowing. 2. Sale price growth is expected to slow. Rising interest rates mean higher monthly mortgage payments, but they’ll also usher in a return to a more balanced supply-and-demand dynamic. 3. Buyer rebates are becoming more important. Buyer’s agents are working hard to get buyers rebates for their closing costs to help them compensate for the high prices in today's market. 4. Normal seasonal buying patterns are likely to return. Over the past few years, homebuyers' journeys have felt more like a marathon of bidding wars than a pattern of seasonal sprints. However, experts believe that seasonality will return this year. 5. A desire for shorter commutes. As people return to the office, they are trying to live closer to their places of work. If you have any questions, reach out to me by phone or email. I look forward to hearing from you.

What Characteristics Do Top Producers Share?

Here are the common traits of some of the industry’s top producers.

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In the real estate industry, there are seven characteristics that the top producers all share:

1. A great work ethic. A top producer is willing to get up every single day and make things happen for their clients to get the results they want.

2. A trustworthy reputation. How do you know if a top producer has one? All you need to do is look at their testimonials from past clients and colleagues for a litmus test.

3. A successful and productive track record. They should have an impressive resume of homes sold and real estate success.

4. They’re a great manager. A top producer needs to have an efficient and professional team that’s proactive.
 

They should have an impressive resume of homes sold.

 

5. Having a commanding knowledge of the industry. They also know the values, negotiation skills, and people skills needed to have success in this business.

6. Being a good problem solver.

7. Having creative talent. This enables the top producer to have successful results in solving the inevitable problems that come up during a real estate transaction.

If you have questions about this list or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.

What the Future Holds for the Rest of 2021

Here’s what you can expect from the rest of our 2021 real estate market.

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What’s the market forecast for the rest of 2021? It was anticipated that between 5 and 5.25 million units would be sold nationwide throughout the year, which would equate to about 10.5 million transactions among buyers and sellers. Strong sales were also anticipated, and we’re finding that even though interest rates are low, they have a tendency to move upward, which will prompt people to move quicker.

In the summertime, as more people receive their vaccinations and we’re able to further bypass the COVID-19 hurdle, we expect inventory to flow into the marketplace. People who’ve been staying inside for the past 18 months and held off on their home-selling plans due to COVID-19 will most likely finally list their properties. As the moratoriums are lifted for rent evictions and foreclosures, we also expect to see a surge of buyers. 

If you’d like to talk more about what the future holds for the rest of the 2021 market or have any questions at all, don’t hesitate to call or email me. I’d love to speak with you.

What’s Going on in the Market?

Today we’ll discuss the status of the current real estate market.

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As we move into the spring market, we’re finding that low inventory still prevails. That means there just aren’t enough homes for the number of buyers attempting to become homeowners. Low interest rates are still very attractive, but there’s upward pressure on them, meaning that buyers will want to move quickly if they want to take advantage of them.

Our robust economy notwithstanding, many people have suffered the consequences of the pandemic and many businesses have been adversely affected. Still, well-priced homes are selling at a brisk clip. It’s not unusual for appropriately priced homes in good condition to be generating multiple offers.

Buyers are waiving contingencies to stay competitive.

 

That’s why having a skilled agent by your side is so important—you’ll want professional help to navigate the waters of a multiple-offer situation. That way, if you’re selling a home, you’ll be able to optimize your sales price and terms. In some cases, buyers are waiving inspection, appraisal, and financing contingencies in order to make their offers highly acceptable in an extremely competitive environment.

If you have any questions about the market or real estate in general, please feel free to reach out to us. We’d be more than happy to provide you with answers.

The Benefits of Working With LAER Realty

Here are just a few of the benefits of working with us at LAER Realty.

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Hello, I’m Pamela Sherpa from LAER Realty Partners, and I’m a closing manager. My job is to make sure your closings are successful. However, the thing that is most crucial to us is ensuring our clients are satisfied with our services. It’s always a great pleasure when past clients want to buy or sell again, or they want to refer us to someone they know.

So today I’m sharing the benefits of working with our team. We are a four-member team: Paul Brouillette, Maureen Kelly, Joanne Meridian, and me. We are all licensed real estate agents and work 160 hours a week prospecting, looking for buyers for our sellers, and searching for home matches for our buyers. When you have an appointment or showing, we’ll work around your schedule. Since there are four of us, someone is always available to assist you.

Paul is also in Business Network International, which means he diligently networks with business professionals every week and has been doing so for over 15 years. This means that whenever our clients need help from a plumber, electrician, painter, handyman, etc., we can call someone in our network, and they’ll be there to assist with whatever you need.

The thing that is most crucial to us is ensuring our clients are satisfied with our services.

 

Additionally, we are part of a community of over 500 agents who share listings before they come onto the market, which is potentially a $1,000 to $10,000 savings for buyers in a seller’s market. In a seller’s market, information is valuable; if you know a house is coming onto the market, you can do a drive-by, and if you’re interested, you can schedule a showing and be ready to submit your offer immediately. On the flip side, we have at least 60 buyer leads coming in each week that we process, and any of them could lead to a showing or be a prospective buyer for our seller clients.

I could keep naming advantages to working with us, but what we truly want is to ensure our clients are happy with our service and attention to detail. We care about our clients, and we hope that comes through in our interactions with you.

If you have any questions about our team or how we can help with your real estate needs, call or email us. We would love to speak with you.

What a Listing Manager Does

A closer look at what listing manager Maureen Kelly does for our team.

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Hello, my name is Maureen Kelly, and today I want to introduce myself and explain what I do at LAER Realty. I’m the listing manager on Paul Brouillette’s team, and it’s my job to work with Paul before a listing is taken all the way until it’s under contract, at which time it’s handed to our transaction coordinator, Pamela, who you can get to know here. Before a listing is taken, I look into the home’s area, history, comps, and more. Paul will compose a comprehensive market analysis, and I’ll help him gather supplemental materials that might be necessary for the house or client.

Before a listing is taken, I look into the home’s area, history, comps, and more.

 

Once we take a listing, I meet or speak with the owners and set up a timetable that’s both comfortable for them and gives us enough time to prepare—this means ordering a sign, having a professional photography session, and having a professional stager assist with arranging the property for sale. The day the listing is launched, we’ll have a full package of marketing materials, photographs, etc., that are shared with the public. Once the listing is up, I’m in touch with the sellers at least once per week (often more), and send them a meticulous report explaining how things have been going, what we can improve upon, and more.

Everyone here works together and helps one another with their duties, so though the above is my main job, it takes a team to sell homes on the professional level we do.

If you have any questions about my role or real estate in general, call or email us. We would love to help you.

Meet Pemala Sherpa, LAER Realty’s Closing Manager

Here’s what my job as the closing manager at LAER Realty entails.

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My name is Pemala Sherpa, and I’m the closing manager at LAER Realty Partners. My job is to make sure that your real estate transaction goes from the offer stage to the closing stage in a smooth, stress-free manner. So what exactly does that entail? To explain, let’s go through what a real estate transaction looks like after an offer has been signed.

The first step after the offer is signed is to schedule a home inspection, which is done by the buyer and their home inspector. The inspector’s job is to uncover any issues with the property. Usually, there are issues with the home because most of them aren’t brand-new. Whatever issues are uncovered, we help clients navigate them.

The next step is to sign the purchase and sale agreement, which is prepared by your real estate attorney. The language of the agreement is there to protect your interests. After the purchase and sale agreement is signed, a copy is submitted to your lender, and we also make sure that your application is done and that you’ve ordered your appraisal. The appraisal is done by your lender to ensure that the property is worth what you’re paying; the lender never wants you to pay more for a home than it’s worth.

Whatever issues are uncovered, we help clients navigate them.

 

When the appraisal comes back correctly, the next step is for the lender to review all of your financial documents. If those documents are approved, the lender will then issue a commitment letter, which will allow you to have the funds for the house at the closing. Finally, once the commitment letter comes through, then we can go to the closing table where we’ll help make sure that whatever needs to be done for the closing is completed in a timely manner.

If you have any questions about my role or how to navigate a real estate transaction, don’t hesitate to reach out to us. We’d love to help you.

A Look Inside Our Market’s Recent Sales Boom

We’ve experienced record growth in home sales for June. Here’s what that means for our market.

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According to the National Association of Realtors, we experienced a record climb in existing home sales in June. They report that the climb in real estate activity during that time constitutes a 20.7% increase. Per the report from Washington, “existing home sales rebound at a record pace in June, showing strong signs of a market turnaround after three straight months of sales decline caused by the ongoing pandemic.”

‘This revitalization looks to be sustainable for many months ahead, as long as mortgage rates remain low and job gains continue to grow.’ — Lawrence Yun

The NAR also reported that each of the four major regions—the Northeast, Northwest, Southwest, and Southeast—achieved month-over-month growth, with the West experiencing the greatest sales recovery. Existing home sales (completed transactions that included single-family homes, townhouses, condos, and co-ops) jumped 20.7% in May to a seasonally adjusted annual rate of 4.72 million homes in June. Sales overall, however, dipped year over year by 11.3%; during the same time last year, there were 5.32 million sales on a prorated average.

The bottom line is that the sales recovery is going strong as buyers are eager to purchase homes that they had been eyeing during the shutdown. Lawrence Yun, chief economist for the NAR, said, “This revitalization looks to be sustainable for many months ahead, as long as mortgage rates remain low and job gains continue to grow.”

If you have any questions about what’s happening right now in our real estate marketplace here in Merrimack Valley, please reach out to us. We’d love to hear from you.

Q: What Do You Know About Fair Housing?

Here’s a brief message on the importance of upholding fair housing laws. 

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As you already know, discrimination has no place in real estate. Now is an urgent time to act on our shared principle, NAR Director of Fair Housing Policy Bryan Greene says in NAR’s latest “Pivot in Place” video. The neighborhoods where people reside, Greene notes, determine their access to education, safety, and health care—particularly critical issues in the middle of this pandemic. Therefore, equal housing opportunity is a vital component of helping everyone not only survive but thrive despite COVID-19.

Not all real estate agents are Realtors; real estate agents who have not raised their right hand to affirm that they will apply all of the ethical standards and principles of our profession are not Realtors. As trusted Realtors who have taken the code of ethics, we abide by Housing and Urban Development (HUD) statues, which involve fair housing law. This type of law ensures that people of all national creeds, races, religions, genders, etc., are not discriminated against.

We must never forget that some people in our cities and communities are dealing with systemic barriers that inhibit their access to the housing they need.

It’s important to understand that when you work with us, we will do whatever we can to abide by those ethical standards to protect you and your family under the law as it stands in the United States.

We must familiarize ourselves with the recently adopted fair housing action plan, and it’s also important for us to follow the principles illustrated in the “Bias Override: Overcoming Barriers to Fair Housing” initiative; we must never forget that some people in our cities and communities are dealing with systemic barriers that inhibit their access to the housing they need.

If you ever have any questions about fair housing or what needs to be done to abide by the standards of ethical conduct when it comes to your choice in renting, leasing, or purchasing a property, reach out to us by phone or email.

Q: What Are the 5 Most Important Things to Know About Our Market?

Here’s a quick guideline of what you need to know about our market.

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What’s happening in the real estate market right now? Here are the five main points to know:

1. Real estate sales are strong and steady. I’m not just talking about Massachusetts, either—I also mean nationwide.

2. There’s a lack of inventory (especially in Merrimack Valley). If you or someone you know is looking to sell, now’s the time to do it. We recently listed two properties in Chelmsford that fielded six and nine offers in a single weekend. One of those properties sold for $43,000 above asking price. It’s a seller’s market.

3. Interest rates are still very low. The Federal Reserve set the bank rate at zero, and some buyers are getting 30-year fixed rates as low as 2.5% to 3.5%. There are also plenty of amazing programs for anyone looking to leave renting behind and make the leap to homeownership, so now’s a great time to be a buyer as well.

4. We’re still practicing COVID-19 safety protocols. This means wearing gloves and masks, maintaining a six-foot distance with clients, and only allowing one party in at a time during open houses (a maximum of three people). We also recommend that children not attend open houses, and we ask all potential buyers and their agents to wear masks and gloves. In some cases, people are requesting that in-home visitors wear booties on their feet.

5. It’s a great time to sell. I mentioned this point above, but it’s worth mentioning again. With the unemployment rate still high and all of the other challenges the economy is facing, there’s a chance that home values will decline near the end of 2020. If you’re a seller, you’re better off selling now while home values are peaking.

As always, if you have questions about this or any real estate topic or are thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’m happy to help.

Q: How Is Real Estate Operating During the Pandemic?

These are some of the ways real estate has changed due to COVID-19.

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Here are a few of the key ways that the real estate industry has changed due to the COVID-19 pandemic:

1. Virtual options. Many listings are being presented via virtual tours, Matterport 3D tours, and social media platforms. Virtual offers are being accepted, too.

2. In-person options. For the sellers holding in-person showings, they are having separate showing times and requesting that masks and gloves be worn by buyers and their agents. They’re also asking people not to touch doors or light switches. We’re also taking great care to make sure we don’t infect a seller’s home.

3. Open houses with social distancing. We’re having one family at a time enter the premises while the others wait outside.

We’re taking great care to make sure we don’t infect a seller’s home.

4. Appraisals. Some are being done as desk reviews instead of physically going out to the property. It all depends on the lender with which you're working.

5. Closing in two to three phases. There’s a buyer phase with the buyer’s attorney and the buyers, and a seller’s phase with the seller’s attorney and the sellers.

If you have any questions for me, don’t hesitate to reach out via phone or email today. I look forward to hearing from you.

The Challenges & Benefits Facing Those in the Real Estate Market

Here’s how we’re addressing the challenges of real estate amid COVID-19.

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One of the main concerns for home sellers right now is our ability as real estate professionals to show and sell their homes as safely as possible during this pandemic. We achieve safety by:

1. Forgoing group open houses.
2. Verifying buyers have not been exposed to COVID-19, nor currently feel sick in any way. No one can enter your home unless they’ve been vetted. 
3. Conducting virtual meetings at a massive level. 
4. Teaching clients new ways to operate their business. The implementation of virtual signatures, contracts, and meetings have truly revolutionized many industries, including our own.

While it’s easy to focus on the obvious hurdles of buying and selling real estate during a health crisis, there are some real benefits for those interested in making a move in the market at this time:

1. Only serious clients are looking for homes. There’s no wasted time with looky-loos.
2. Rates are still at historic lows. Though there’s no telling how long that will last, many speculate it will remain through the end of the year. 
3. Sales are very competitive. There are plenty of active buyers out there hungry for a properly priced home in good condition. We’re still expecting somewhere between 4 million and 4.5 million sales to occur nationwide in 2020. 
4. Sellers will likely net more money in June and July 2020 than in any other period for the next 12 to 24 months. This is largely because, in light of so many people being out of work, we are potentially rolling into what will be a long recession.

Remember: Your safety is our No. 1 priority. We’re using plenty of sanitizer and disinfectants, practicing social distancing, and wearing gloves, masks, and shoe guards. If you have any questions about real estate during these uncertain times, please reach out by phone or email. We’d love to help you in any way we can.

We’re Still Open for Business

The real estate industry is moving forward, and buyers’ and sellers’ health and safety are our top priorities.

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Despite the COVID-19 pandemic’s damaging effect on our stock market, the real estate industry is moving forward at a very strong pace, and people are still buying and selling homes. Today I’ll update you on how we’re focusing on the well-being of our clients, staff, and families. We’re still open for business, and our day-to-day activities are continuing under CDC guidelines.

As always, if you have questions about this or any real estate topic or are thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’m happy to help, and I hope you stay safe.

We’re Working, but With Safety Measures

We’re all facing an international crisis with the coronavirus, but we’re still operating our business as real estate professionals.

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We’re all facing an international crisis with the coronavirus, but we’re still operating our business as real estate professionals. We’re concerned with your health and well-being, and the safety of our clients and employees. Half of our team is currently working from home. We’re taking special measures with social distancing, being careful about showing homes, how many people we allow into those homes, minimizing in-person contact with others, and so on. With all these precautions in place, we’re still here to help you with real estate.

An Update on the State of the Rental Industry

What’s the latest word on the rental industry in the U.S.? Today I’ll share what research has to say.

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Havard studies find that dwindling new home construction nationwide resulted in lower inventory for would-be buyers and accordingly, real estate developers have focused on building more upscale rental apartments in recent years. There are many people in the middle class who have opted not to purchase and are instead renting standard apartments or higher-end properties.

According to Whitney Airgood-Obrycki, a research associate with Harvard Joint Center for Housing Studies, we’re in a rental affordability crisis. Just a decade ago, more than two-thirds of people who rented an apartment or a single-family home in the U.S. earned less than $30,000 a year. Recently, however, Havard’s research shows that in 2010, with the economy still suffering the effects of subprime mortgage crash, the share of middle-class renters had surged.

Many Americans are struggling to find a home that they can afford to buy and are increasingly at pains to find a place they can afford to rent.

As of 2018, 62% of renters (27.1 million people) earned middle-class incomes of between $30,000 and $75,000 per year. According to the study, at least 10.3 million families with annual incomes of at least $75,000 are renting the roof over their heads, which is a jump over the previous years.

Many, many Americans are actually struggling to find a home that they can afford to buy and are increasingly at pains to find a place they can afford to rent because the influx of middle-class renters is pushing up prices in much of the country.
If you have any questions about renting, buying, selling moving, feel free to reach out to us at LAER Realty Partners. We’d love to help you.

Why Investing in Real Estate Is Your Next Best Move

Investing in real estate is your next best move. Here’s why.

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Investing in real estate may be your next best move.

Roughly 68% of all Americans are homeowners, so if you’re a part of the 32% who keep helping their landlord become wealthy with monthly rent payments, the question is this: What would it take for you to go from a renter to a homeowner, and why is this important?

There are loan programs across the country designed specifically for wannabe homeowners who don’t have a lot of money saved. FHA loan programs, for instance, require only a 3.5% down payment to initiate your home purchase. There’s also a program called Mass Housing which helps Massachusetts residents get better terms and conditions and lower interest rates—even if you have credit issues.

If you upgrade your property, those benefits accrue to you over time.

There are also great tax advantages to becoming a homeowner that you don’t get as a renter. Additionally, you can take advantage of appreciation rates. Nationally, properties have been appreciating anywhere from 4% to 7% over the past seven or eight years. Wouldn’t it be better for you to enjoy these benefits?

Furthermore, if you upgrade your property, those benefits accrue to you over time. If you upgrade your rental, those benefits accrue to your landlord.

If you’d like to know more about the benefits of homeownership or how you can transition from renter to homeowner, don’t hesitate to give my team and me a call or send us an email. We’d love to help you.

Good News: Interest Rates Have Plummeted

Interest rates have dropped, which is good news for buyers and sellers.

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In case you haven’t heard, interest rates recently dropped to as low as 3.5% on a 30-year fixed basis. Just a year ago, they were hovering in the high 4% range and even began inching toward 5%. If you’re a buyer, this means you can buy a $360,000 home right now for the same mortgage payment that you would’ve paid last year for a $300,000 home. Interest rates matter if you’re selling a home as well. Since buyers can afford more, you can sell for more. This is why our market continues to be strong.

If you have any questions about this or any other real estate topic or you’re thinking of buying or selling a home, don’t hesitate to reach out to me. I’d love to help you.

What’s Going on With Pending Home Sales in the Market?

Here’s a quick-but-important message regarding pending home sales in the market.

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In April of this year, pending home sales actually dropped by 1.5%, according to the NAR of Washington, D.C. This was a modest change from the growth seen in the previous month. Only one of the four major regions of the country—the Midwest—experienced growth, while the remaining three regions reported a drop in their respective contract activity.

The pending home sales, according to the NAR, is a forward-looking indicator based on contract signings. In March, they were at 105.9 but fell 1.5% in April to 104.3.

Though the latest monthly figures show a mild decline in contract signings, mortgage applications and consumer confidence have been steadily rising.

Year-over-year contract signings declined by 2%, making this the sixteenth straight month of annual decreases. Lawrence Yun, the NAR’s chief economist, said that the sales dip has yet to account for some of the more favorable trends toward homeownership such as lower mortgage rates.

Though the latest monthly figures show a mild decline in contract signings, mortgage applications and consumer confidence have been steadily rising. It’s inevitable that sales will be higher in a few months.

As far as the local activity here in the Northeast, the Pending Home Sales Regional Breakdown indicated that actual signings declined by 1.8% to 88.9 in April. That’s now 2.1% lower than what it was a year ago.

In the Midwest, the index grew 1.3% to 96.8—2.4% lower than where it was in April of 2018.

If you have any questions regarding what’s happening with your specific property value or about what might be happening in your neighborhood, feel free to reach out to us. Let us know what we can do to make your real estate experience a pleasant one.

Familiarizing You With TRID and What This New Rule Means for You

I’m happy to inform you that the new TRID regulations are now in effect.

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Today I’m coming to you with a brief message concerning TRID, or the TILA RESPA Integrated Disclosure Rule, and the regulations it consists of.

You’re probably wondering, “What is TRID, anyway?”

The Lenders Network states, “As of October 3rd, 2015, the CFPB integrated the TILA (Truth in Lending Regulation) and RESPA (Real Estate Settlement Procedures Act) Disclosures. Essentially, there are now two new forms that lenders are required to send out within three business days of receiving a loan application from the consumer.”

It goes on to say that, “The Dodd-Frank Wall Street Reform Act directs the Consumer Financial Protection Bureau to integrate the TILA and RESPA disclosures in such a way that these two new, integrated disclosures are now called the Loan Estimate and Closing Disclosure. RESPA’s Good Faith Estimate, GFE, and TILA’s Truth in Lending Disclosure were integrated creating the loan estimate. The final TIL and HUD-1 Settlement Statement were integrated creating this new disclosure.”

“TRID is designed to help borrowers understand their loan more clearly before they actually go to closing, and it streamlines and condenses certain loan disclosures. It also changes the timing of certain mortgage processes. TRID provides consumers with a clearer, more easy-to-understand estimate of the costs involved in obtaining a mortgage.”

This new regulation “will make shopping for a mortgage and comparing loans easier.”

“Providing consumers a more convenient way of comparing loan offers from different mortgage lenders, TRID reduces the amount of paperwork involved and provides a more clear and accurate loan estimate. The loan estimate replaces the GFE, which has always been provided from lenders three days after receiving a loan application. A loan estimate, however, will be standardized with all lenders and will create one clear state of terms and estimated fees.”

This is significant for consumers because it “will make shopping for a mortgage and comparing loans easier. Furthermore, the Closing Disclosure or the HUD-1 Statement has been replaced with the Closing Disclosure. The new Closing Disclosure is more complete with the cost and the fees clearly stated, and the Closing Disclosure will also be more accurate. TRID has made provisions on how much certain items actually cost at closing, and they can vary from the estimated cost and the Closing Disclosure.”

Before you go to close on a home, TRID mandates that all closing costs must be made known to you, the consumer, a minimum of three days before the conveyance.

If you have any further questions, thoughts, or concerns regarding TRID regulations, give us a call at 978-256-3306 or visit our website at HomesAreUs.com. Let us know how we can help!

6 Fast Facts About Real Estate You Might Find Interesting

Today I’ll pull back the curtain a bit on the real estate industry and share some interesting statistics about it.

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Here are six statistics about the real estate business I think you might find interesting:

1. 93% of all homes sold nationwide are sold by only 7% of the agents. The reason for this is many “agents” obtain their real estate license not to actively work in the business, but rather so they can make a few extra dollars in the event that a friend or family member needs to buy or sell a home somewhere down the line.

2. 60% of your home’s marketing plan is determined by pricing your home correctly.

3. Real estate commissions range from 4% to 10% of the sale price. A 10% commission typically happens with large commercial acquisitions, while a 4% commission is usually a discount rate agents offer to sellers.

A 10% commission typically happens with large commercial acquisitions, while a 4% commission is usually a discount rate agents offer to sellers.

4. The average transaction, from inception to closing, takes a minimum of six weeks.

5. The average agent sells 2.3 homes per year.

6. 87% of all licensees can’t afford the $200 reinstatement fee. 

If you’d like to learn some more interesting real estate statistics, you have any questions about our market, or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d be happy to help you.